All Forum Posts by: Clint Harris

Quote from @Russ B.:

I've thought about doing exactly this business model myself.

I swear I'm gonna do it, just as soon as I don't have another deal taking priority...

Whatever deal you are currently working on, it would have to be an absolute grand slam to beat the margins of a self storage conversion project.  The combination of ECommerce destroying the big box retail industry, but those buildings built in a high residential density area, and with really low demand, has created a perfect storm, but it won’t last forever.  There are a TON of risks, my recommendation would be to partner or invest with someone already doing it.

We closed on our second KMart a couple weeks ago, this one is in Danville, VA, 1.3 miles from the new $550 million casino thats under construction right now and opening in Q1 2024, big things happening in that town! Here is the quick summary. The property is an old KMart that has been empty for quite a while, 97,500 sf, purchase price and construction cost total $5.5 million. We are converting this property to a Drive-In, Climate Controlled self storage facility with 680 units with a unit density mix determined by the feasability study. Our conservative analysis puts the stabilized NOI with below market rents and occupancy at $938k, and at a 6 Cap, the bank puts a stabilized value on the facility of $12.5 million! Very happy with this project, and very grateful for our Nomad Capital team! Can't wait to be paying out cash flows soon, and then cutting some very nice checks to our investors in a few years! Very thankful for this BP community, and all that we have been able to learn over the past few years from so many people willing to share. On to the next!!!

Clint Harris

Nomad Capital

Quote from @Ameeta Shah:

A newbie here but would love to invest in a project like yours. Where do I find investing information? Very nice share and so Motivating for new investors!  

Hey Ameeta, just saw that my reply was taken down for postings my phone number.  If you want to message me or connect with me through my profile, I’m happy to connect and tell you what we do.  Thanks for your interest!

Come join us for a beer and the 3rd installment of the Nomad Capital monthly commercial real estate meetup!  We’re a group of investors focused on self storage, multifamily, syndication, capital raising, and development that meet on the first Thursday of every month.  We believe in the value of a local network to overcome challenges and push creative thinking, and look forward to your involvement!  Hope to see you there,  Clint, Nomad Capital, investor relations

So our property management company has 75 listings in Carolina Beach and Kure Beach, NC, and we recently decided to expand into Electric Vehicle rentals.  We bought 3 Mokes  from Moke USA (think golfcart, but looks like a little G-Wagon).  We’re going to be marketing them directly to guests that come and stay at a few of our specific properties on our island. I think I’ve got my hands on a solid rental agreement, but we are struggling to find an insurance policy that covers them for rental use.  I thought I would post on here with the off chance that someone might own a golf cart rental business, or have connections or I might be able to get some information???  Any help is appreciated!

Quote from @Account Closed:

Are any of your buildings part of a shopping center, or are they all stand alone? What are the main obstacles you face regarding pushback from other retailers and city planners?

The 2 KMarts that we have are stand alone buildings, we are under contract right now on a grocery store conversion in Georgia that’s part of a shopping center, it’s in an opportunity zone, and is an amazing deal.  We’ve gotten very little if any objections from any town or zoning. Typically these facilities have been sitting empty for a very long time, and they are excited about some one coming in and fixing them up. Sometimes they are already zoned for storage, sometimes we do have to get a property rezoned, the last one that we picked up was already zoned correctly and had already had the permits pulled for a storage conversion by a developer that ended up getting a contract to build out an Amazon distribution center, so he turned that deal over to us.  So far our projects have all been very well received

Quote from @Scott Mac:

Converting a Kmart to a self storage -- interesting concept.

Do you use the parking for boat and RV storage?

We sure do, sometimes the way that we do that depends on the project. We always use a feasibility study to know that the facility is going to be profitable on its own, and then we look at additional revenue streams like putting a U-Haul location at the site, or RV and boat storage, or potentially non-climate controlled self storage developed in the parking lot as well.  For the Reidsville deal, we couldn’t do boat and RV because of power lines in the parking lot, with the next one there’s actually room inside the building and we’ll be looking to do both covered and uncovered boat and RV storage

Quote from @Wes M.:

@Clint Harris

Love it. These guys are diving in and providing all the details for everyone to learn. Clint's stories on BP are truly inspiring. In fact, I now have an STR as a result of he and another Carolina Beach investor @Joe Prillaman

Congrats on the latest deal! And I hope to make it Thursday.

Thanks man!  Look forward to seeing you there.  FYI, Erik and Levi are building out the new Nomad office downtown, it’s going to be awesome.  Should be done in a couple months, plenty of space, big conference room, and a kegerator in the kitchen for beers.  We’re going to start having the meet up there once it’s done and also throw in a few poker nights! 

Quote from @Matt W.:

Wow, great stuff! I was just driving past the KMart in Wilmington and thought "I wish that guy on BP would buy this eyesore!" Sounds like a great way to capitalize on the downturn of big box retail combined with the Americans' hoarding tendencies. 

I'll try to make it to the commercial meet up.  I currently only have a few rentals but dream of stepping up to commercial!

 Come on, would love to see you there!

Quote from @Jason Velie:

Hey Clint,

Awesome stuff!

I just met Levi the other day and we spoke about a potential off-market CB project. Hopefully we can do a walkthrough next week. I can't make it to the next meetup, but hopefully I can make it to the May meetup. Shoot me a message and let's grab lunch one day. In the meantime, keep crushing it!

 Awesome man, look forward to it!  Let me know when you’re in CB, I’m right there on Snapper Lane behind the tiki bar.